Best Buy has exited healthcare at home, the company’s CEO said in a recent earnings call.
In the Aug. 28 call, Best Buy CEO Corie Barry cited efficiencies that resulted from “moving on from initiatives that aren’t generating the financial return in the timeline we had originally envisioned, such as the exit of our care-at-home Best Buy Health initiative.”
The tech retailer in June offloaded Current Health, the remote patient monitoring company it bought in 2021 for $400 million, as part of a restructuring of its Best Buy Health unit.
Best Buy had provided the technology for several health systems’ hospital-at-home programs. But Ms. Barry said in a May earnings call that the business had been “harder and taken longer to develop” than the company expected because of uncertainties over CMS’ hospital-at-home waiver and health systems’ own financial struggles.
A Best Buy spokesperson told Becker’s that Best Buy Health will continue to exist and include medical alert platforms Lively and PERS+.
“Best Buy Health has made the decision to transition out of the acute care monitoring business,” a company spokesperson told Becker’s. “We will be transitioning this piece of our business to Current Health, which is run by Chris McGhee, co-founder and former CEO of Current Health.
“Several members of the current Best Buy Health team that support this piece of our business will be joining the new organization. Best Buy Health will help ensure a smooth transition over the next few months.”
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